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claim housing loan

Tax queries 707 views 3 replies

Hi,

I have a home in one City and its under construction. I will be completed in May 09.

I am staying in my own house for which we dont have any loan.

Can I claim the housing loan for house which is under construction?

Replies (3)

yes u can claim deduction as it is a interest on pre construction period

as ur home will be completed on may 09 (assuming u ve not repaid any instalment )

Any interest upto 31.03.2009 will be treated as pre construction interest and u can claim deduction in 5 equal sums starting from the AY 2010-2011.

u can claim deduction as it is a pre construction perid

Any interest up to 31.03.2009 will be allowed as deduction in 5 equal instalments starting from the AY 2010-11

and any interest for the current year from FY 2009-10 (AY 2010-11) will be allowed as deduction in the same year.

Ya u r absolutly right biswajit
 


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